Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,634/mo
+$389/mo- Down payment
- $0
- Funds due
- $10,304
- Interest + MI left
- $351,688
- First ends
- Sep 2053
New loan
New conventional
$2,245/mo
Lowest payment- Down payment
- $25,000
- Funds due
- $33,243
- Interest + MI left
- $341,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,413 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,860.84 | $1,557.85 |
| Second P&I | — | — |
| Mortgage insurance | $130.96 | $45.00 |
| Taxes, insurance & HOA | $642.17 | $642.17 |
| Total housing payment | $2,633.96 | $2,245.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,304
Usable credit−$0
Total buyer cash needed$10,304
Earnest money paid−$0
Remaining funds due$10,304
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$756.50
Initial HOA (3 months)$720.00
Prepaid interest, first (2 days)$102.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 10 moOf the original 30-year loan at 6.790%
Interest already paid$60,396Through Nov 2026
Assumption only · ends Sep 2053$351,688
New conventional · ends Dec 2056$341,228